ETSY INC (ETSY): restructuring charge — Etsy cuts ~11% of workforce (225 roles), CMO and CHRO depart; Q4 guidance: GMS down 1-2%, rev up 2-3%

ETSY INC

Restructuring plan approved Dec 12, 2023; ~225 employees (~11% of marketplace workforce) eliminated.
Estimated restructuring charges of $25M–$30M, primarily in Q4 2023; execution substantially complete by Q1 2024.
CMO Ryan Scott and CHRO Kimaria Seymour depart Dec 31; Raina Moskowitz becomes COO & CMO; Toni Thompson becomes CHRO.
Q4 2023 guidance: GMS decline ~(2)% to (1)%, revenue growth ~2% to 3%, adjusted EBITDA margin ~27% to 28%.
Restructuring expected to deliver operational efficiencies and cost savings; core headcount returning to early 2022 levels (~1,770).

item 2.05 item 5.02 item 7.01 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Raina Moskowitz

Chief Operating and Marketing Officer

ETSY · ETSY INC

Filed: December 13, 2023, 6:59 PM ET

Raina Moskowitz, formerly Chief Operating Officer, will assume the title of Chief Operating and Marketing Officer, responsible for driving global growth by expanding brand consideration and deepening customer trust and loyalty.

Departed

Ryan Scott

Chief Marketing Officer

ETSY · ETSY INC

Effective: 2023-12-31
Successor: Raina Moskowitz
Filed: December 13, 2023, 6:59 PM ET

In connection with the Restructuring Plan, Etsy announced the departure of Ryan Scott, Chief Marketing Officer, effective December 31, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Raina Moskowitz changed role as Chief Operating and Marketing Officer at ETSY INC.

Action: assumed title
Role: Chief Operating and Marketing Officer

Exact text from the filing

Raina Moskowitz, formerly Chief Operating Officer, will assume the title of Chief Operating and Marketing Officer, responsible for driving global growth by expanding brand consideration and deepening customer trust and loyalty.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Ryan Scott departed as Chief Marketing Officer at ETSY INC.

Action: departed
Role: Chief Marketing Officer

Exact text from the filing

In connection with the Restructuring Plan, Etsy announced the departure of Ryan Scott, Chief Marketing Officer, effective December 31, 2023.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

ETSY INC announced a restructuring with charges of approximately $25 million to $30 million in charges affecting Etsy marketplace (approximately 225 employees).

Type: restructuring
Charge: approximately $25 million to $30 million in charges
Affected area: Etsy marketplace
Headcount: approximately 225 employees

Exact text from the filing

cost savings and/or cost avoidance, particularly related to compensation and benefits. In connection with the Restructuring Plan, Etsy estimates that it will incur approximately $25 million to $30 million in charges, largely made up of cash expenditures, consisting of severance payments, employee benefits, and related costs. Etsy expects that the charges will be

View on SEC.gov

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ETSY INC filing history →

Source: SEC EDGAR

accession 0001370637-23-000091

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